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Non-Tech : WS - WEIRTON STEEL is and INTERNET B TO B STEAL -- Ignore unavailable to you. Want to Upgrade?

To: sheetmillgalvanize who wrote (9)	2/16/2000 8:29:00 PM
From: sheetmillgalvanize	Read Replies (1) \| Respond to of 12

Wednesday February 16, 10:08 am Eastern Time Company Press Release SOURCE: Weirton Steel Corp. Weirton Steel's Pension Plan Shows $90 Million Surplus; Plan Started With Zero Balance in 1984 WEIRTON, W.Va., Feb. 16 /PRNewswire/ -- Weirton Steel Corp. (NYSE: WS - news) today announced its pension plan, with assets of $790 million, has surpassed the projected benefit obligations to its retirees by nearly $90 million. ``We have reached a milestone in our company's history,' said Richard K. Riederer, president and chief executive officer. ``Most domestic steel companies carry deficits in their pension plans and very few have built a solid pension foundation like that at Weirton Steel.' As late as 1995, Weirton Steel's pension plan had a deficit of approximately $280 million. Pat Pathipati, senior vice president-corporate development and strategy, explained the company has been aggressive in pursuing strategies to enhance the returns and bridging the gap between the plan's assets and pensions owed to retirees. ``The work has paid off. We have been able to elevate the plan to a level that provides security for our retirees of today and tomorrow,' commented Pathipati, who chairs the company's Pension Investment Committee. In 1984, when Weirton Steel began operating as an independent company, it began funding its own defined benefit pension plan that started with a zero balance. Until that time, the company had been operating as a division of National Steel Corp. and its employees participated in National's pension program. Over time, according to Pathipati, pension obligations rose with an increase in retirements and the accumulation of service time by employees. He said, however, assets climbed even higher. ``Today, our pension plan is in tremendous shape,' Pathipati said. ``It is a credit to the effective policies and superior performance of the pension fund managers we have selected that make our plan as strong as it is.' Web site: weirton.com SOURCE: Weirton Steel Corp. -------------------------------------------------------------------------------- More Quotes and News: Weirton Steel Corp (NYSE:WS - news) Related News Categories: mining/metals -------------------------------------------------------------------------------- Help -------------------------------------------------------------------------------- Copyright ¸ 2000 Yahoo! All Rights Reserved. Privacy Policy - Terms of Service Copyright 2000 PRNewswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Questions or Comments?